DUBAI, UAE, June 25,
2024 /PRNewswire/ -- Bybit, one of the world's
top three crypto exchanges by volume, has experienced
a significant surge in market share, according to Kaiko's latest
data debrief report. The report highlights Bybit's impressive
growth after launching spot Bitcoin ETFs in the US,
positioning it as a major player in the global crypto
trading landscape.
Since October, Bybit's market share has surged from 8% to 16%,
surpassing Coinbase in March to become the
second-largest exchange after Binance. This growth
comes amidst increased trading volumes driven by the introduction
of Bitcoin ETFs, which have boosted global
crypto trading activity.
Bybit's competitive edge is
attributed to its low trading fees, which are among the most
attractive in the industry. The exchange launched zero fees for
USDC trading in February 2023,
contributing to its competitive positioning. However, low fees
alone do not fully explain Bybit's rise. Analyzing spot trade
volumes reveals that Bybit's volume increase has been driven by
both BTC and ETH, whose market share has risen from
17% to 53% since last year.
Its rapidly expanding derivatives offering has also supported
Bybit's growing spot market share. In 2023, Bybit cemented its
place as the second-largest derivative market after
Binance.
"We are thrilled to see Bybit's continued growth and recognition
in the industry," said Ben Zhou,
co-founder and CEO of Bybit. "Our commitment to providing
competitive fees, a safe and secure platform, and innovative
products like Unified Trading Account has resonated with our
users."
For more information about how Bybit's institutional and retail
users are positioning their portfolio, see here.
#Bybit / #TheCryptoArk
About Bybit
Bybit is a top-three cryptocurrency exchange by
volume with 30 million users established in 2018. It offers a
professional platform where crypto investors and
traders can find an ultra-fast matching engine, 24/7 customer
service, and multilingual community support. Bybit is a proud
partner of Formula One's reigning Constructors' and Drivers'
champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: media@bybit.com
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit's Communities and Social
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SOURCE Bybit